In the News

Melissa Brown Quoted in Mlive, Grand Rapids Press

Weighs In on Latest Development in Proposed Bankruptcy of Grand Rapids-Area Shopping Center

March 10, 2014

Melissa Brown, a litigation attorney resident in Dykema’s Grand Rapids office whose practice focuses on business and commercial litigation, securities litigation and receivership matters, was quoted in Mlive, a leading Michigan online news resource, and in the Grand Rapids Press, the area’s number-one newspaper, on a year-old bankruptcy matter for a Grand Rapids-area shopping center, The Village at Knapp’s Landing.

At a hearing on March 5 to consider a proposed Chapter 11 reorganization plan and related disclosure statement submitted by the shopping center’s developer, the bankruptcy judge observed that the plan and disclosure statement were too vague and imprecise, and too uncertain—in light of two related bankruptcy cases filed by the same developer—to be approved by the court, especially given the objections raised by lenders and creditors, who are currently owed $7.4 million.

Brown—who represents the principal creditor, International Bank of Chicago—observed that the developer’s submitted plan failed to show how sufficient funds can be generated to pay off the more than $4 million he owes the bank, let alone complete further stages of the planned development. Brown noted the bank will likely renew efforts to force a liquidation of the development.

To read the Mlive article in its entirety, click here.